Fiora Enterprises, 2 others settle cases with Sebi

Fiora Enterprises and two other entities have settled cases related to alleged violation of capital market norms with regulator Sebi. "The adjudication proceedings proposed to be initiated against the applicant (Fiora Enterprises)... are settled," the Securities and Exchange Board of India said in a settlement order issued, adding that it will not initiate any enforcement action against the applicant for the default. Fiora had submitted an application with Sebi proposing to settle the adjudication proceedings, which were initiated against the firm for delay in making disclosures under the Sebi (Prohibition of Insider Trading) Regulations. The settlement terms proposed by Fiora were considered by Sebi's high-powered advisory committee (HPAC), which then recommended the case for settlement upon payment of Rs 11,53,125 by the firm. The recommendation of HPAC was also accepted by the panel of whole-time members of Sebi. The settlement amount was paid by Fiora on May 19. Accordingly, Sebi has disposed of the adjudication proceedings against the firm. However, Sebi said if it finds that any representation made by Fiora in the present settlement proceeding is subsequently discovered to be untrue, enforcement action can be initiated against it. Under the mechanism, entities can seek settlement of cases with the regulator after payment of certain charges and other expenses. 5100000 as settlement fee. Adjudication proceedings were initiated against ACG for delay in making disclosures under Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, and insider trading provisions. Meanwhile, one Lakshmikant Tiberwalla has also settled a case related to alleged violation of insider trading rules with Sebi on payment of Rs 200000 towards settlement charge. Tiberwalla had also delayed disclosures, following which adjudication proceedings were initiated against him.